Newstead, Queensland site for 25-storey development sells for $16.5 million
A $16.5 million development site in Brisbane’s Newstead, at the Gasworks riverside masterplanned community, has been purchased by Tom Dooley Developments.
The Newstead site has been bought as part of the shopping and restaurant precinct and fronts Skyring Terrace at 30 Festival Place.
The intention is for a 25 storey mixed-use development, and planning is currently “well underway” according to managing director Tom Dooley.
“With its beautiful Parklands, great public transport, river access and the CBD less than two kilometres away, Gasworks is a true work, play, live, shop destination,” said Dooley.
The masterplanned site is marking a “natural progression” from the shopping precinct, which includes a Woolworths and a number of other retailers, he said. This will be ‘Tower B’ on the masterplan, with proposed one, two and three bedroom apartments.
Newstead's median unit price is $625,000, with $533 per week median advertised asking rent, according to RP Data.
“We are hoping to go to the market in May with a range of high quality apartment product and we expect massive interest as not only will these luxury apartments be high quality with everything at your fingertips but the views will be sensational.”
Aquila and Pietra are also in the Dooley portfolio, meanwhile the company has also been a significant player in the Kangaroo Point market.
Currently within the entire 6.4 hectare masterplanned development, Longlands Towers was the first residential precinct with 226 one, two and three bedroom apartments, with swimming pools gardens and terraces.
Online marketing material likens this community to Sydney’s Darling Harbour and Melbourne’s Docklands, transforming a former industrial precinct into an urban community.
The apartments within Gasworks are being marketed to both investors and owner occupiers, citing strong growth in the area. They point to a ten-year average annual price growth for New Farm, Newstead and Teneriffe of 11.7% from 2001 to 2011, which was higher than other Inner Brisbane suburbs. However, they also pointed to significant amounts of supply - currently, an average of 7,250 apartments sold each year in Inner Brisbane, with an expectation of doubling this figure over the next four years.
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